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    West Augustine Development Opportunity Title is generated by Realmo AI

    1060 West King Street, St Augustine, FL 32084

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    For Sale
    $99,000

    Two adjacent lots totaling 0.37 acres in West Augustine.

    Type:Lots And Land / Land/Acreage
    Lot size:
    0.37 Acres
    Added:
    Dec 30, 2023
    Days on Market:
    883
    Last Refresh:
    Mar 13 at 11:22 am

    Property Features for 1060 West King Street

    General Information

    Standard status
    Active
    Lot size
    0.37 Acres
    Property subtype
    Lots And Land / Land/Acreage

    We can help!

    Listing Contact
    Jena Dennis
    Jena Dennis

    Listing agent Jena Dennis License #3387473

    Listing office Great Expectations Realty

    Listing date Dec 30, 2023

    Source Compass

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Great Expectations Realty

    HighLights

    • Prime development opportunity in rapidly growing West Augustine.
    • Two adjacent lots totaling 0.37 acres, providing ample space for development.
    • Located within the West Augustine Commercial Overlay District, approved for mixed‑use commercial development.
    • Potentially eligible for multi‑family, commercial, and mixed‑use development without PUD rezoning.
    • Flexible design standards with reduced setbacks, buffering, and simplified landscaping and parking requirements.
    • Suitable for investment property or personalized home development.

    Overview

    Two vacant parcels, totaling 0.37 acres, offer a development opportunity in West Augustine. The first lot, located at 1021 Chapin St, encompasses 0.23 acres, while the adjacent lot at W King St Ext spans 0.14 acres. These parcels are located in the rapidly growing West Augustine area of St. Johns County. Positioned within the West Augustine Commercial Overlay District, these lots are approved for mixed-use commercial development, offering flexibility for various projects including townhouses and multifamily units. The properties are potentially eligible for multi-family, commercial, and mixed-use development without the need for a Planned Unit Development (PUD) rezoning. This advantageous overlay district introduces new permissible uses such as small-scale warehousing and urban agriculture, while flexible design standards enhance the developable area with reduced setbacks, buffering, and simplified landscaping and parking requirements.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy Big Box & Wholesale Store Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    St Augustine
    County
    St. Johns
    State
    Florida
    Longitude
    -81.34929
    Latitude
    29.890402

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    FAQs

    What type of property is this?
    Commercial land - Two adjacent lots totaling 0.37 acres in West Augustine.
    Where is this commercial land located?
    The property is located at 1060 West King Street St Augustine, FL.
    What is the asking price?
    The asking price for this property is $99,000.
    What are key features of this property?
    This property features: Prime development opportunity in rapidly growing West Augustine.; Two adjacent lots totaling 0.37 acres, providing ample space for development.; Located within the West Augustine Commercial Overlay District, approved for mixed‑use commercial development.
    (904) 806-4274
    We can help!
    Listing Contact
    Jena Dennis
    Jena Dennis
    Real Estate License ID: 3387473
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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